BoE makes emergency 0.5% interest rate cut

In a coordinated effort to revive the ailing global economy, the BoE joined the Federal Reserve, European Central Bank, Bank of Canada, Bank of Sweden and the Swiss National Bank in taking emergency interest rate action. "Throughout the current financial crisis, central banks have engaged in continuous close consultation and have cooperated in unprecedented joint actions such as the provision of liquidity to reduce strains in financial markets," the joint central bank statement reads. The Council of Mortgage Lenders welcomed the move, which followed this morning's UK Government bank res...